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On August 7th, it was reported that on August 6th local time, a New Mexico court ruled that Meta, the parent company of Instagram and Facebook, must pay $567 million to address the impact of its platforms on teenagers. Judge Brian Biedhid stated that $420 million of the funds will be used for adolescent rehabilitation services, with the remainder allocated over the next five years for advocacy, prevention, screening services, and other related expenses.The yield on Japans 20-year government bonds rose 2.0 basis points to 3.660%.According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Friday morning, following gains in external markets. International crude oil futures rose on Thursday as a committee in the Iranian parliament was considering a draft bill to ban US and Israeli ships from the Strait of Hormuz, which is expected to boost Malaysian crude palm oil futures in early trading. Brent crude futures rose further during electronic trading on Friday morning. Strong Malaysian palm oil exports and the potential threat of a strong El Niño phenomenon to palm oil production in Southeast Asia will also provide strong support for the palm oil market. Shipping surveyors estimate that Malaysian palm oil exports in July increased by 12.1% to 19.5% month-on-month. However, a stronger ringgit and potential increases in Malaysian palm oil inventories will limit the markets upward momentum. The Malaysian Palm Oil Board (MPOB) will release monthly data on August 10. A survey indicates that Malaysian palm oil exports in July will surge by 14.8% month-on-month, production will increase by 7.4%, and inventories will rise to a five-month high.Japans foreign exchange reserves stood at $1,287.1 billion in July, compared with $1,287.5 billion in the previous month.Japans Ministry of Finance: It conducted three currency intervention actions in April and May, buying yen.

Ethereum Development 55% Complete After Merge: Vitalik Buterin

Alice Wang

Jul 25, 2022 15:13



Vitalik Buterin discussed the long-term viability of the network on July 21 at the annual Ethereum Community Conference (EthCC) in Paris.


With just two months before Ethereum (ETH) switches from energy-intensive proof-of-work mining to proof-of-stake consensus, the highly anticipated Merge was a hot subject.


To an audience of developers, Buterin said, "After the merging, you will be able to construct an Ethereum client that does not even know the proof-of-work phase has occurred."


He continued by saying that developers still had a lot of work to do since the network as a whole will only be "55 percent complete until we conclude the Merge." Although there may be delays, September 19 has been set aside for The Merge, which will connect the current Ethereum chain with the fresh Beacon Chain.

Massive Planned Ethereum Scaling

The transaction costs associated with Ethereum, which soar when the network is overloaded, are one of the most often voiced grievances. As a consensus change, The Merge won't resolve this problem, therefore transaction fees will continue to vary and become more costly during periods of high block space demand.


As the network grows, this problem will be addressed by upgrades scheduled for the next year.


 Ethereum "will be a far more scalable system by the conclusion of this road plan," said Buterin, adding that it "will be able to perform 100,000 transactions per second" by then. The network can only handle 15-20 transactions per second at the moment, which makes wider adoption impractical.


Buterin suggested more improvements with the rhymes "surge," "verge," "purge," and "splurge" in addition to the present one. These are a component of the network's cleaning phase and scale development, which are anticipated to be implemented in the next years.


He continued by saying that there will be significant adjustments to the security model, token supply, and monetary policy of Ethereum. Currently, around 5.5 million ETH are still being issued annually for Ethereum. Once the Merge takes place, the EIP-1559 upgrade's transaction fee burning procedure will render issuance deflationary, causing the supply to gradually decline.


More than 2.5 million ETH have been burned or lost when the update was introduced in August 2021. This is worth almost $4 billion at the present pricing.

Merge momentum is still present

Asset values are still rising as a result of these monetary characteristics, which are the exact opposite of inflationary fiat currencies. As interest in Merge rises, ETH has gained 33% over the previous week.


Following a monthly gain of 40%, ETH was up 2.5 percent on the day and trading at $1,578 at the time of writing. It is driving the current crypto market rise, but next week's macroeconomic data and worries about a recession may swiftly send everything spiraling downward.

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